Bitcoin News Today: US Spot BTC ETFs Almost Surpasses Satoshi Nakamoto’s Holdings

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As a seasoned crypto investor with a decade of experience under my belt, I find myself thoroughly optimistic about the current state of Bitcoin (BTC). The recent price fluctuations around $72K have been a familiar sight, but the technical indicators suggest that we’re on the cusp of a parabolic phase. The surge in the RSI above 70% is a clear sign of renewed bullish sentiment, and if history repeats itself, we could be in for a wild ride.

Bitcoin (BTC) has recently approached its previous record-high price, but over the last two days, it has been testing an important support level at approximately $72,000. This leading cryptocurrency, valued at around $1.51 trillion when fully diluted and with a daily trading volume of about 42 billion, has benefited from strong bullish sentiment driven by significant demand from large-scale investors.

For the initial occasion since March of this year, the daily relative strength index (RSI) for Bitcoin has climbed over the 70% mark, signaling a resurgence of optimistic feelings among investors.

Technically speaking, Bitcoin’s price appears poised to enter the eagerly awaited parabolic stage within the broader bull market. Over the last seven months, it has been moving in a bearish trend, but recently, its momentum has noticeably shifted towards the bulls.

Previously, as discussed by Coinspeaker, for Bitcoin’s price to confirm a parabolic trend, it needs to persistently break through the resistance zone ranging from $71K to $73K and subsequently transform this range into a support level.

The optimistic outlook for Bitcoin could become more likely in the immediate future, driven by significant news originating from the United States. It’s worth noting that the US 2024 elections are approaching their conclusion this week, and pro-cryptocurrency candidates such as Donald Trump have gained increased favorability among voters.

Over the coming week, it’s anticipated that the Federal Reserve will lower interest rates again, with the aim of improving the overall economic situation of the nation.

Bitcoin Whales Shows No Sign of Relenting Soon

In the past year, there’s been a significant surge in interest for Bitcoin among large-scale investors, or ‘whales’, compared to any other crypto market boom we’ve seen before. Looking at the data from centralized exchanges, we can see that the amount of Bitcoin stored on these platforms has dropped from over 2.7 million to below 2.3 million in the last seven months. This decrease is thought to be due to whale investors taking their Bitcoin off the exchanges following the approval of spot BTC ETFs in the U.S.

Over the past four weeks, the U.S. Bitcoin ETFs have seen a total deposit of approximately $5.5 billion, primarily driven by BlackRock’s IBIT. On October 30th, these U.S. Bitcoin ETFs recorded an inflow of over $893 million in a single day.

BlackRock’s IBIT division recently acquired more than $872 million in Bitcoins, bringing their total assets to over $30 billion. On the other hand, the only cash withdrawal from U.S.-based Bitcoin ETFs was observed from Bitwise’s BITB, amounting to approximately $23.8 million.

The target was achieved before the due date, primarily due to an extraordinary surge of investments, particularly into newly launched Exchange-Traded Funds.

— Eric Balchunas (@EricBalchunas) October 31, 2024

If BlackRock’s IBIT maintains its current pace of accumulation, U.S. spot Bitcoin ETFs could soon exceed Satoshi Nakamoto’s estimated 1.1 million Bitcoins holdings within the next few days.

Simultaneously, MicroStrategy Incorporated (NASDAQ: MSTR) plans to secure approximately $42 billion. This will be achieved by offering $21 billion through an ATM equity program and an additional $21 billion in the form of fixed-income securities.

MicroStrategy plans to further solidify its Bitcoin approach in the coming short period, as it currently owns more than 252,000 Bitcoins.

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2024-10-31 12:48